According to Cognitive Market Research, the global Spectrophotometer market size was USD 15251.5 million in 2024. It will expand at a compound annual growth rate (CAGR) of 7.90% from 2024 to 2031.
North America held the major market share for more than 40% of the global revenue with a market size of USD 6100.60 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.1% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 4575.45 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 3507.85 million in 2024 and will rise at a compound annual growth rate (CAGR) of 9.9% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 762.58 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.3% from the year 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 305.03 million in 2024 and will rise at a compound annual growth rate (CAGR) of 7.6% from 2024 to 2031.
The infrared (IR) spectrophotometers category is the fastest growing segment of the Spectrophotometer industry
